Gridlock at the budget supercommittee is generating movement on at least one front: The Dow tumbled more than 320 points (2.6 percent) Monday morning.
The prospect of continued nonaction in Washington made stock traders decidedly bearish as Republicans on the 12-member panel aren't buying Democrats' proposed tax increases ("revenue enhancements") while Democrats won't go along with proposed GOP cuts.
The committee's failure to meet today's deadline to produce $1.2 trillion in budget cuts will trigger automatic reductions in Medicaid and defense spending.
